Lawyers and government officials in the United Arab Emirates (UAE) are stressing the importance of adherence to the country’s money laundering and terror financing (AML/CFT) laws. Violations could result in fines of up to Dh 5 million or even life imprisonment. Entities failing to comply with AMLCFT regulations have already faced penalties from the UAE Central Bank and other authorities. These stringent measures align with the UAE’s commitment to the Financial Action Task Force (FATF), aiming for enhanced regulations as part of FATF membership. The UAE’s intensified efforts against AMLCFT are expected to lead to the country exiting the FATF’s grey list next year. Uppercase Legal Advisory, specializing in AML, FATF compliance, and combating the financing of terrorism (CFT) compliance, emphasizes the UAE’s global alignment in combating financial crimes. Despite progress, challenges persist, especially among small and medium enterprises (SMEs) unaware of AMLCFT laws, prompting a call for corporations to prioritize AML proceedings, Know Your Customer (KYC), and AML as top priorities.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}